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Four US-Based Cryptocurrency Exchanges Establish Self-Regulating Body

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Four US-Based Cryptocurrency Exchanges Establish Self-Regulating Body

Four American cryptocurrency exchanges - Gemini, Bitstamp, Bittrex, and bitFlyer USA - have announced the creation of a self-regulatory organization (SRO) for digital assets.

The formation of the new SRO, dubbed the Virtual Commodity Association (VCA), was announced in an August 20 press release published in Business Wire.

In its inaugural meeting, set to be held in September 2018, the VCA will appoint a board of directors and other staff, discuss guidelines for membership, and draft industry best practices. Maria Filipakis, former Executive Deputy Superintendent at the New York Department of Financial Services (DFS), has been appointed interim Executive Director of the new body.

According to the VCA website, the organization aims to foster “consumer protection and market integrity for virtual commodity marketplaces.” Interim Executive Director Maria Filipakis said the VCA will “strengthen the digital asset industry's regulatory landscape, rules for the protection of customers, and bring forth industry setting best practices and market transparency.”

Notably absent from the list of founding members is Coinbase, the largest cryptocurrency exchange in the United States.

The Winklevoss twins, early investors in Facebook and Bitcoin and founders of Gemini, secured a patent for a platform that enables cryptocurrency exchange-traded products (ETPs). Although the US Securities and Exchange Commission (SEC) delayed a decision on approving a Bitcoin ETF in July, the VCA may lay the groundwork for a positive decision when the SEC raises the issue again in September.

20 Aug 2018

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